Baatar M. is 35 years old and lives with his wife and two daughters in Bayanhongor province, Mongolia. He and his family live together in a traditional Mongolian nomadic home dwelling called a ger. His oldest daughter attends a local primary school, while the youngest daughter is in kindergarten.
Baatar makes a variety of wooden items and furniture in his own work shop next to his home, in his yard. His wife helps him with the business by selling his products at the local markets. He started his business in 1995 after graduating from vocational training center as a carpenter in 1992. In addition, he operates a construction business during summer months to supplement his earnings.
In the 15 years of owning his business, Baatar has gained experience and knowledge in making quality furniture products and his earnings have enabled him to provide for his family. For the future, he plans to establish a small construction group, partnering with other construction workers. He is requesting a 1,000,000 MNT loan to buy more wood and furniture-making supplies for his business.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.